Question

Monty Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...

Monty Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)

$180,000

Common stock, $5 par (103,500 shares authorized, 20,700 shares issued)

103,500

Additional paid-in capital

114,000

Retained earnings

423,000

   Total

$820,500

Prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $336,000.

Homework Answers

Answer #1
Stockholder's Equity
for the year ended December 31,2017
Capital stock
Preferred stock,10%,$100 par (10,000 shares
authorized ,1,800 shares issued) 180,000
common stock ,$5 par value ($103,500 shares authorized
,20,700 shares issued ) 103,500
Total capital stock 283,500
Addittional paid in capital 114,000
total paid in capita 397,500
Retained earnings 759000
total stockholders Equity 1,156,500
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